Gold News – 31.Jan.2025
Gold News
Gold Hits All-Time High: Spot gold briefly touched $2,800 before stabilizing at $2,794.58 per ounce (0930 GMT). Prices rose 6% this month and 1% this week.
Market Drivers: Gold surged as investors sought a safe-haven after U.S. President Donald Trump reiterated tariff threats on Mexico, Canada, and China.
Central Bank Influence: Analysts see central bank buying as a key long-term bullish factor for gold.
Upcoming Data: Market focus is on the U.S. PCE inflation report (1330 GMT) and Fed policy signals regarding future rate cuts.
Economic Outlook: U.S. Q4 GDP growth slowed, but consumer spending hit a two-year high. Analysts believe a combination of high inflation and sluggish growth could push gold towards $3,000.
Physical Demand: High gold prices kept Indian demand weak, with buyers waiting for the Feb. 1 federal budget.
Other Metals:
Silver: Down 0.2% to $31.61 after a recent one-month high.
Platinum: Up 0.7% to $973.85.
Palladium: Flat at $989.16, both metals posted monthly gains.
Author : Arman Shaban
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